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UK crypto investors hit as pound withdrawals from Binance to stop in May

Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration
Binance will end British pound deposits and withdrawals in May. Photo: Dado Ruvic/Reuters

Binance has announced that British pound (GBPUSD=X) deposits and withdrawals on the crypto exchange will cease from 22 May.

Binance said: “We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP fiat services, namely deposits and withdrawals via Faster Payments and card, to Binance users.”

From Monday, Binance users will be unable to open accounts on the exchange with GBP deposits. However, existing users will still be able to access their GBP balances, according to Decrypt.

A Binance spokeperson said: "This change affects less than 1% of Binance users.

“However, we know that these services are valued by our users and our team is working hard to find an alternative solution for them. We will share updates on this as and when we are able.”

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In 2020, Binance introduced British pound trading pairs and launched a UK-based arm of its trading platform. Before this, UK residents had to convert GBP to cryptocurrencies through Binance Jersey.

Binance, founded by Changpeng 'CZ' Zhao in 2017, is the world's largest cryptocurrency exchange by trade volumes.

It allows users to buy, sell, and trade cryptocurrencies, including bitcoin (BTC-USD) and ethereum (ETH-USD), and also offers a range of services beyond trading, such as staking and lending.

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